Chainlink (LINK) is currently trading at $12.96, reflecting a 3.67% increase over the past 24 hours. The asset has shown a daily trading range of $12.38 to $13.17, indicating a moderate level of volatility within the session.

Volume stands at approximately $681.55 million, with a volume-to-market cap ratio of 7.55%, suggesting healthy trading activity relative to its market capitalization. The short-term moving averages are indicating bullish momentum, particularly the 55 SMA at $12.52, which shows a significant 3.50% increase, providing a solid support level.

The 1-hour RSI is at 73, indicating that LINK is nearing overbought territory, which may pose a risk for short-term traders. In contrast, the 7-day RSI at 48 suggests that LINK is neither overbought nor oversold on a longer timeframe, aligning with the recent price drop of 3.30% over the last week and a more pronounced decline of 22.11% over the last 14 days.

Chainlink’s all-time high of $52.70, achieved in May 2021, highlights a substantial downside from current levels, which could attract long-term investors looking for recovery potential. However, the 30-day price change of -26.90% signals a bearish trend that should be acknowledged by potential buyers.

Given the current market conditions, including the overbought signal on the 1-hour RSI and the bearish trends over longer time frames, a cautious approach is warranted. Therefore, the recommendation is to Hold LINK, allowing for potential price stabilization and further analysis before making additional investment decisions.